Fairfax, Va.-based FVCBankcorp Inc. has closed its acquisition of Rockville, Md.-based Colombo Bank.
Colombo Bank has merged into FVCbank, a unit of FVCBankcorp.
The aggregate value of the transaction is about $33.3 million, based on FVCBankcorp's closing price on Oct. 12.
As a result of the effectiveness of the transaction, each common share of Colombo Bank has been converted into 0.002217 common shares of FVCBankcorp and about 5.3 cents in cash, except that any beneficial owner of Colombo Bank common stock that is entitled to receive less than 100 common shares of FVCBankcorp is entitled to elect to receive all cash consideration of about 9.7 cents per common share of Colombo Bank.
FVCBankcorp is also issuing about 763,000 of its common shares as a result of the deal.
As a result of the merger, FVCbank has aggregate assets on a pro forma basis as of June 30 of approximately $1.4 billion, net loans of about $1.1 billion and deposits of about $1.2 billion. In addition, FVCbank has 11 full service branches in Northern Virginia, Montgomery County, Md., Baltimore and the District of Columbia. The bank also has one loan production office in Lutherville, Md.